Miami-based Lloyd Jones, LLC, acquired two rental housing properties in Daytona Beach, increasing the value of the firm’s assets under management to $487 million.
“With this acquisition, we now have five properties in the Daytona market and look forward to continuing our value-add, work-force housing strategy,” Chris Finlay, CEO of Lloyd Jones, said in a prepared statement.
Lloyd Jones acquired adjacent rental properties in Daytona Beach with a total of 384 units and plans to spend $2 million upgrading them. Both properties were built in the mid-1980s.
The Miami-based multifamily investment and development firm got Freddie Mac-sponsored senior and mezzanine financing in connection with the Daytona Beach acquisition. Berkadia Commercial Mortgage, LLC, arranged the financing.
Lloyd Jones is offering equity stakes in the Daytona Beach properties so private, accredited investors. Previously, Finlay and the firm have partnered only with institutional investors on its investments.
This will allow individuals to access Lloyd Jones investment opportunities typically reserved for large institutional investors for as little as $25,000 per individual. – Mike Seemuth